UDR Announces Third Quarter 2012 Results.
Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Enters Same-Store Portfolio ~
city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861.
n abbr (BRIT) (= Ulster Defence Regiment) → fuerza de seguridad de Irlanda del Norte
(Brit) n abbr (= Ulster Defence Regiment) →
, Inc. (the “Company”) (
: UDR), a leading
multifamily real estate investment trust, today announced its third
quarter 2012 results.
The Company generated
Funds from Operations
) of $86.5 million
or $0.33 per
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
share, for the quarter ended
30, 2012, as
compared to $73.0 million, or $0.32 per diluted share, in the third
quarter of 2011. Excluding non-recurring items, the Company’s third
quarter 2012 FFO-Core was $0.33 per diluted share. See the
reconciliation below for further detail.
A reconciliation of FFO to
See generally accepted accounting principles (GAAP).
Net Income can be found on
2 of the Company’s third quarter 2012 Supplemental
“The strong supply and demand fundamentals present in the
multifamily industry continue to support the positive outlook for our
, UDR’s President and
Toomey continued, “The actions we have taken over the past three
years to grow our portfolio in select high-barrier to entry markets and
our balance sheet directly
v to move the teeth into their proper positions to conform to the line of occlusion.
with our objective of
creating sustainable shareholder value.”
Same-store revenue increased 5.5 percent year-over-year while net
) increased 6.4 percent for the third quarter 2012.
Same-store physical occupancy increased 10 basis points year-over-year
to 95.8 percent. Same-store expenses increased 3.6 percent driven
primarily by higher real estate taxes.
Resident turnover increased to an
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared.
rate of 66 percent from
65 percent in the third quarter of 2011.
1. Forming or characterized by a sequence, as of units or musical notes.
, same-store NOI increased by 0.9 percent driven by
revenue growth of 1.8 percent and offset by a 3.6 percent increase in
For the nine months ended September 30, 2012, the Company’s
same-store revenue increased 5.3 percent as compared to the prior year
while expenses increased 2.4 percent resulting in a same-store NOI
increase of 6.8 percent as compared to the prior year period in 2011.
Year-over-year occupancy was flat at 95.7 percent.
Improving the Company’s operational efficiency, while
increasing resident satisfaction, are the compelling factors for our
continued investment in technology. Residents have a high
n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be
rate of the Company’s technology platform:
The Company commenced construction on its Beach Walk development in
city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment.
, CA. Prior to commencement, the Company acquired the
remaining 10 percent ownership interest in Beach Walk from its former
joint venture partner. The community will consist of 173 homes, has an
estimated construction cost of $50.7 million and is expected to be
delivered in the second quarter of 2014.
Joint Venture Investment Activity
The Company, through a joint venture, acquired a land parcel in
Santa Monica, CA for $10.3 million.
At September 30, 2012, the Company had $1.1 billion in availability
through a combination of cash and
tr.v. un·drew , un·drawn , un·draw·ing, un·draws
To draw to one side, as a curtain.
Adj. 1. undrawn – not represented in a drawing
undelineated – not represented accurately or precisely
capacity on its
, giving the Company ample flexibility to meet its near-term
capital needs for debt maturities, development and redevelopment
The Company’s total
at September 30, 2012 was $3.3
billion. The Company ended the third quarter with fixed-rate debt
representing 89 percent of its total debt, a total
v. blend·ed or blent , blend·ing, blends
1. To combine or mix so that the constituent parts are indistinguishable from one another:
of 4.5 percent and a weighted average maturity of 4.8 years. UDR’s
fixed charge coverage ratio (adjusted for non-recurring items) was 2.9
Post Quarter Activity
Joint Venture Investment Activity
In a transaction scheduled to close on
31, the Company will
exchange its ownership interests in four operating communities and two
land parcels in the UDR/MetLife I joint venture, in addition to $10
million in cash, for an increased ownership interest in The Olivian, an
A-quality high-rise building located in
, city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869.
. At closing,
the Company will own 50 percent of The Olivian and the community will be
contributed to the UDR/MetLife II joint venture. The Company will
continue to fee manage the four operating communities it will exchange
out of. Additional transaction details are provided below:
The Olivian has a 4.5 percent, $63.4 million loan with a term of 7
years. Debt on the four operating communities and two land parcels in
which UDR exchanged out of totaled $134.7 million, carried a weighted
average interest rate of 3.5 percent and had a term of 7 years.
The Company offers Supplemental Financial Information that provides
details on the financial position and operating results of the Company
which is available on the Company’s website at www.udr.com.
Conference Call and Webcast Information
The Company will host a webcast and conference call at 11:00 a.m.
Eastern Daylight Time
Eastern Daylight Time
n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York
on October 29, 2012 to discuss third quarter results. A webcast will
be available on the Company’s website at www.udr.com. To listen to
a live broadcast, access the site at least 15 minutes prior to the
scheduled start time in order to register,
and install any
necessary audio software.
To participate in the teleconference dial 877-941-0844 for domestic
and 480-629-9835 for international and provide the following conference
ID number: 4565351.
A replay of the conference call will be available through
30, 2012, by dialing 800-406-7325 for domestic and 303-590-3030 for
international and entering the confirmation number, 4565351, when
prompted for the pass code.
A replay of the call will be available for 90 days on the
Company’s website at www.udr.com.
Full Text of the Earnings Report and Supplemental Financial
Internet — The full text of the earnings report and Supplemental
Financial Information will be available on the Company’s website at
Mail — For those without
, the third quarter 2012
earnings report and Supplemental Financial Information will be available
by mail or fax, on request. To receive a copy, please call UDR
Forward Looking Statements
Certain statements made in this press release may constitute
“forward-looking statements.” Words such as
“expects,” “intends,” “believes,”
“anticipates,” “plans,” “likely,”
“will,” “seeks,” “estimates” and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements, by
their nature, involve estimates, projections, goals, forecasts and
assumptions and are subject to risks and uncertainties that could cause
actual results or outcomes to differ materially from those expressed in
a forward-looking statement, due to a number of factors, which include,
but are not limited to, unfavorable changes in the apartment market,
changing economic conditions, the impact of inflation/deflation on
rental rates and property
, expectations concerning
availability of capital and the
of the capital markets,
the impact of competition and competitive pricing, acquisitions,
developments and redevelopments not achieving anticipated results,
delays in completing developments, redevelopments and lease-ups on
schedule, expectations on job growth, home affordability and
demand/supply ratio for multifamily housing, expectations concerning
development and redevelopment activities, expectations on occupancy
levels, expectations concerning the
a. 1. Of or pertaining to
(Arch.) a name given to a peculiar pattern of scrollwork, consisting of convolved undulations.
expectations concerning the joint ventures with third parties,
expectations that automation will help grow net operating income,
expectations on annualized net operating income and other risk factors
discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time, including the Company’s
Annual Report on Form 10-K and the Company’s Quarterly Reports on
Form 10-Q. Actual results may differ materially from those described in
the forward-looking statements. These forward-looking statements and
such risks, uncertainties and other factors speak only as of the date of
this press release, and the Company expressly disclaims any obligation
or undertaking to update or revise any forward-looking statement
contained herein, to reflect any change in the Company’s
expectations with regard
1. To that, this, or it.
2. Archaic In addition to that; furthermore.
1. to that or it
, or any other change in events,
on which any such statement is based, except
to the extent otherwise required under the U.S. securities laws.
This release and these forward-looking statements include UDR’s
analysis and conclusions and reflect UDR’s judgment as of the date
of these materials. UDR assumes no obligation to revise or update to
reflect future events or circumstances.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading
multifamily real estate investment trust with a demonstrated performance
history of delivering superior and dependable returns by successfully
managing, buying, selling, developing and redeveloping attractive real
estate properties in targeted U.S. markets. As of September 30, 2012,
UDR owned or had an ownership position in 54,985 apartment homes
including 2,441 homes under development. For 40 years, UDR has delivered
long-term value to shareholders, the best standard of service to
residents and the highest quality experience for associates. Additional
information can be found on the Company’s website at